How a trade works on the GCX exchange: steps and deadlines
A trade on GCX goes through four steps: matching binding orders, confirmation within 24 hours, exchange and acceptance of documents within 5 days, then settlements and delivery between the parties. The exchange fee per trade is 0.50% of the amount from each side, no more than $500.
The first countdown of the deadlines runs from the moment of matching, not from confirmation, so the clock starts immediately.
Order and matching
An order on GCX lives in one market: one commodity, one currency, one unit of quantity. The delivery points of the parties must overlap, otherwise there will be no matching.
The Incoterms basis and the mode of transport are set in the order before matching and are carried into the trade without renegotiation. The shipment week is an ISO week, from Monday to Sunday, and it must match exactly. An unmatched order expires on the Monday of its shipment week.
Matching is automatic: when the parameters coincide, the trade is fixed. An order does not match with itself or with an order of a colleague from the same company.
| Order parameter | What is fixed |
|---|---|
| Commodity | grade, size, surface |
| Quantity | number and unit of measurement |
| Price and currency | USD, CNY or RUB |
| Delivery points | must overlap for the parties |
| Basis and transport | Incoterms terms, mode of carriage |
| Shipment week | ISO week, exact match |
The exchange matches orders and fixes the trade, but is not a party to the sale and purchase agreement. Settlements and delivery go directly between the parties, outside the platform. Before and after the trade the counterparties are visible to each other as "buyer" and "seller"; bank details are not stored on the platform.
24 hours for confirmation
The parties have 24 hours to confirm the trade. The countdown runs from the moment of matching, so confirmation is needed immediately, not after internal approvals.
While the trade is not confirmed by both parties, a cancellation by agreement can be proposed. If the second party agrees, the deposits are returned to both, and the trade closes without losses.
On matching, the deposit is paid by both parties. It is held rather than spent: the amount remains security until the end of the trade and does not go to the exchange.
5 days for documents
5 days are allowed for the exchange and acceptance of documents. A round of documents takes place between the parties: one party issues a set, the second accepts it.
The exchange does not read or assess documents — it records the fact that the round has been accepted. As soon as the round is accepted, the deposit is returned to both parties in full.
Work with documents goes on between the counterparties directly. The exchange does not check the counterparty, does not deal with delivery or insurance and does not hold money for the goods.
What if a deadline is missed
Discipline rests on the deposit. If a party misses a deadline, the party whose turn it was loses the deposit. The other receives its deposit back in full.
| Situation | Who loses the deposit | What happens to the second deposit |
|---|---|---|
| Trade confirmed, documents accepted | no one | returned in full |
| Did not confirm within 24 hours | the party whose turn it was | returned to the other |
| Did not exchange documents within 5 days | the party whose turn it was | returned to the other |
| Did not accept documents within 5 days | the party whose turn it was | returned to the other |
| Withdrawal from the trade while the deposit is held | the withdrawing party | returned to the counterparty |
| Cancellation by agreement before confirmation | no one | returned to both |
A trade can be exited at any moment while the deposit is held: your own deposit is then lost, and the counterparty's deposit is returned to it.
Exchange fee per trade
The exchange fee per trade is 0.50% of the amount from each side. The lower limit is $0, the upper is $500 from each side. Both the buyer and the seller pay the fee.
| Trade amount | Fee from each side | Total from both sides |
|---|---|---|
| $4 000 | $20 | $40 |
| $40 000 | $200 | $400 |
| $100 000 | $500 | $1 000 |
| $200 000 | $500 (ceiling) | $1 000 |
The fee is charged in USD. A trade in another currency is converted at the official fixing of the Bank of Russia on the date of the trade, and the rate is recorded together with the trade. The currencies of trades are USD, CNY and RUB.
Frequently asked questions
How much is the exchange fee per trade?
0.50% of the trade amount from each side, but not more than $500 from each side. On a $200 000 trade the fee will be $500 from the buyer and $500 from the seller. The fee is charged in USD.
How much time is given for confirmation of the trade?
24 hours from the moment of matching. The countdown does not wait for confirmation and does not shift. If both parties have not confirmed in time, the party whose turn it was loses the deposit.
What happens after confirmation?
The document stage begins: 5 days for exchange and acceptance. When the round of documents is accepted, the deposit is returned to both parties in full. After that settlements and delivery go directly between the parties.
Can a trade be cancelled without losses?
Yes, before confirmation by both parties — if both agree to cancellation by agreement. Then the deposits are returned to both. After confirmation, withdrawal is possible at any moment while the deposit is held, but your own deposit is lost in that case.
Does the exchange take part in settlements for the goods?
No. The exchange matches orders and fixes the trade, but is not a party to the agreement. It does not hold money for the goods, does not provide escrow and does not check the counterparty. Settlements and delivery are between the parties.
Are the counterparties visible to each other?
No. Before and after the trade the parties are visible to each other as "buyer" and "seller". Bank details are not stored on the platform.
Place an order on the exchange
An order fixes the commodity, volume, price, basis and shipment week — after that the trade follows the deadlines described. Sort out the security in advance so that the 24 hours do not come as a surprise.